Fly.io Valuation, Funding & Investors
Fly.io is valued at $467M as of June 2023.
Last Fly.io valuation
$467M
Series C · Jun 2023
Last Fly.io funding round
$25M
Series D · Jul 2026
Cumulative funding Fly.io raised
$159M
across 6 funding rounds
Key investors in Fly.io
Intel Capital
Dell Technologies Capital
Andreessen Horowitz
Initialized Capital
Y Combinator
EQT Ventures
About Fly.io
Fly.io delivers a global Application Delivery Network that deploys containerized applications across more than 30 data centers worldwide. Chicago-headquartered since its 2017 founding, the platform enables developers to launch full-stack apps with built-in load balancing, SSL termination, and edge routing. It powers services for companies like Supabase and Render, handling millions of requests daily with low-latency connections.
Founded
2016
HQ
Chicago, ILWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Valuation
$467M (Jun 2023)
Fly.io Valuation
Fly.io is currently valued at $467M, based on its Series C in June 2023.
The $70M round was led by EQT Ventures, with participation from Geodesic Capital, Andreessen Horowitz, Dell Technologies Capital and Intel Capital.
Fly.io valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2023 | Series C | $467M |
Fly.io Funding History
Fly.io has raised a total of $159M across 6 funding rounds.
Fly.io's first fundraising round was a $4M seed round in April 2020. The most recent completed round was a $25M Series D in July 2026.
Fly.io funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Series D | Dell Technologies Capital (lead); Intel Capital (lead); Y Combinator; Geodesic Capital; Andreessen Horowitz; EQT Ventures | $25M | - | Fly.io raised $25 million in Series D funding in July 2026, co-led by Dell Technologies Capital and Intel Capital, with participation from Andreessen Horowitz, EQT, Geodesic, and YC. Martin Casado of Andreessen Horowitz and Daniel Docter of Dell Technologies Capital were added to the board. The financing was positioned to accelerate Fly.io’s push into “computers for agents,” reflecting a strategic shift toward persistent, isolated compute for production AI agent applications. The company’s funding history shows a progression from a $12 million Series A led by Intel Capital, to a $25 million Series B led by Andreessen Horowitz, to a $70 million Series C led by EQT Ventures, before this Series D. Earlier disclosures described the business as a distributed cloud and application delivery network focused on running app servers and databases close to end users, and the latest announcement says the new capital will support leadership in infrastructure for agentic AI workloads. Public materials also indicate the company had expanded hiring and regional footprint with prior financing. Fly.io is a cloud infrastructure company founded by Kurt Mackey, Michael Dwan, and Jérôme Gravel-Niquet. It has been described as serving developers who want to deploy applications closer to users and, more recently, as building compute infrastructure for AI coding agents. The company’s publicly disclosed investor base includes Andreessen Horowitz, Intel Capital, Dell Technologies Capital, EQT, Geodesic, and Y Combinator. |
| Jul 2026 | Undisclosed stage | - | $23M | - | Fly.io raised $70 million in a Series C led by EQT Ventures, with participation from Dell Technologies Capital and existing investors Andreessen Horowitz and Intel Capital. The round followed $25 million raised in July and brought the company’s total funding to more than $115 million. The company also previously announced $12 million in Series A and $25 million in Series B financing, and the capital was intended to add new features and expand its global footprint. Fly.io is a cloud infrastructure company that runs application servers and databases close to end users. Its business is focused on distributed cloud deployment, regional footprint expansion, and infrastructure for developers building globally distributed applications. The company has described hiring initiatives for engineers and developers and expansion of its regional presence as part of its financing use cases. Available public funding data shows Fly.io at about $111 million to $115 million in total capital raised across four rounds, most recently the $70 million Series C in 2023. One profile reports an estimated 2024 ARR of $11.2 million and a valuation of $467 million, but no official valuation was disclosed in the funding announcements provided. |
| Jun 2023 | Series C | EQT Ventures (lead); Geodesic Capital; Andreessen Horowitz; Dell Technologies Capital; Intel Capital | $70M | $467M | Fly.io is a cloud infrastructure company that enables developers to launch applications and databases on cloud infrastructure close to end users for low latency, operating in over 33 regions at the time of the Series C funding. Fly.io targets developers seeking simple multi-region deployments across modern frameworks, competing in edge computing by reducing latency without complex custom setups. It serves individual apps, managed databases, and developer tools, emphasizing a superior developer experience. The Series C round on June 27-28, 2023, raised $70 million led by EQT Ventures, with participation from Andreessen Horowitz, Dell Technologies Capital, Geodesic Capital, and Intel Capital, following a $25 million raise in July 2022, bringing total funding to over $110 million. The post-money valuation for the Series C was approximately $467 million, reflecting growth from prior rounds and investor confidence in Fly.io's edge compute positioning. Funds are allocated to expand global data center presence, introduce GPU support for AI workloads, enhance real-time features, user presence, security like encryption and secrets storage, clustered databases, advanced storage, and platform reliability. The company continues leveraging funding for technological advancements and market expansion in edge compute. |
| Jul 2022 | Series B | Andreessen Horowitz (lead); Page One Ventures; Initialized Capital; Sam Lambert; Dell Technologies Capital; Intel Capital | $25M | - | - |
| Aug 2021 | Series A | Intel Capital (lead); Initialized Capital; Fuel Capital; Dell Technologies Capital | $12M | - | Fly.io is a developer-focused public cloud platform that enables full-stack applications and databases to run close to end users across a globally distributed footprint. Founded in 2017 and based in Chicago, Illinois, the company offers services such as Fly Machines and Managed Postgres. In August 2021, Fly.io raised $12 million in a Series A funding round led by Intel Capital, with participation from Dell Technologies Capital, Initialized Capital, Fuel Capital, and others including Planetscale CEO Sam Lambert. The Series A round supported Fly.io's growth as an application delivery network, emphasizing a superior developer experience for multi-region deployments. The company reported revenue of $882 thousand in 2021, aligning with the timing of this funding. Investors recognized Fly.io's potential in the emerging distributed cloud space, positioning it against competitors like Heroku, Netlify, Render, and Vercel. Following the Series A, Fly.io continued expanding, securing a $25 million Series B in July 2022 led by Andreessen Horowitz and a $70 million Series C in June 2023 led by EQT Ventures, bringing total funding over $110 million. |
| Apr 2020 | Seed | Rebel Fund; SV Angel; Y Combinator; Liquid 2 Ventures; Initialized Capital; Elysium Venture Capital; Fuel Capital; David Hodge | $4M | - | The available search results contain details about Fly.io's Series C funding in June 2023, where the company reached a $467 million post-money valuation and raised $70 million led by Andreessen Horowitz and EQT Ventures. By 2024, Fly.io reported $11.2 million in annual revenue, up from $7.6 million in 2023. The company operates an edge compute infrastructure platform and had launched over 3 million apps on its platform globally as of the time these metrics were reported. |
Who has invested in Fly.io?
15 investors have backed Fly.io across its funding rounds, including Intel Capital, Dell Technologies Capital, Andreessen Horowitz, Initialized Capital, Y Combinator and EQT Ventures.
Lead investors include Dell Technologies Capital, Intel Capital, EQT Ventures and Andreessen Horowitz.
Fly.io Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Aug 2021 | |
| Santa Clara, CA | 4 | Lead | Aug 2021 | |
| San Francisco, CA | 3 | Participant | Apr 2020 | |
| San Francisco, CA | 3 | Lead | Jul 2022 | |
| San Francisco, CA | 2 | Participant | Apr 2020 | |
| San Francisco, CA | 2 | Participant | Jun 2023 | |
 Stockholm | 2 | Lead | Jun 2023 | |
| San Francisco, CA | 2 | Participant | Apr 2020 | |
| Los Angeles, CA | 1 | Participant | Apr 2020 | |
| San Francisco, CA | 1 | Participant | Apr 2020 | |
| San Francisco, CA | 1 | Participant | Jul 2022 | |
| San Francisco, CA | 1 | Participant | Apr 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Sam Lambert | San Francisco, CA | 1 | Participant | Jul 2022 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFly.io Competitors
Fly.io competitors include listed companies like Ribbon Communications, Crexendo, Radcom and Richinfo Technology, and private ones like Graphiant and Solo.io.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Jose, CA | Private | - | - | $400M | - | |
| United States | Publicly listed | $845M | $60M | $299M | 0.8x | |
| United States | Private | - | - | $1B | - | |
| United States | Publicly listed | $68M | $8M | $190M | 2.0x | |
| United States | Publicly listed | $71M | $8M | $177M | 1.1x | |
 China | Publicly listed | $273M | $51M | $1.3B | 4.6x |
Fly.io Public Comps
Fly.io is still privately-owned, but its public comps include AsiaInfo, Kinx, Locaweb, Napatech, Allot, Edarat Group, GABIA, Plus Alpha Consulting, Proact IT Group and Baudroie.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $940M | $39M | 0.3x | 0.3x | 8.1x | 7.9x | |||
| $116M | $37M | 4.5x | 4.6x | 14.1x | 15.6x | |||
| $289M | ($31M) | 1.4x | 1.3x | (12.8x) | 5.4x | |||
| $23M | ($10M) | 21.5x | 15.4x | (50.5x) | (102.7x) | |||
| $102M | $6M | 3.0x | 2.7x | 48.2x | 21.8x | |||
| $51M | $12M | 10.6x | - | 44.5x | - | |||
| $244M | $62M | 2.4x | - | 9.4x | - | |||
| $110M | $36M | 4.2x | 3.8x | 12.9x | 9.4x | |||
This data is available for Pro users. Sign up to see all Fly.io competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fly.io
| When was Fly.io founded? | Fly.io was founded in 2016. |
| Where is Fly.io headquartered? | Fly.io is headquartered in Chicago, IL, United States. |
| Is Fly.io publicly listed? | No, Fly.io is a private, VC-backed company. |
| What is Fly.io's valuation? | Fly.io was last valued at $467M in its Series C in June 2023. |
| How much funding has Fly.io raised? | Fly.io has raised $159M across 6 funding rounds. |
| What was Fly.io's last funding round? | Fly.io's last funding round was a $25M Series D in July 2026, led by Dell Technologies Capital and Intel Capital. |
| Who are Fly.io's investors? | Fly.io's investors include Dell Technologies Capital, Intel Capital, Initialized Capital, Andreessen Horowitz, Y Combinator, Geodesic Capital, EQT Ventures, Fuel Capital, Rebel Fund, SV Angel and 5 others. |
| Which companies are comparable to Fly.io? | Companies comparable to Fly.io include Graphiant, Ribbon Communications, Solo.io, Crexendo, Radcom and Richinfo Technology. |
See companies similar to Fly.io
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